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  Introduction There’s always a time when we get introduced to new words and new terminologies in the world. Continuous learning makes a human updated and knowledgeable. But, when it comes to personal loans, it is more than just a single word. In this ultimate layman’s guide for  personal loans , we will walk you through every little thing you must know about personal loans. What is a Personal Loan A personal loan is a financial support provided by banks, NBFCS and credit unions to borrowers. You receive an amount of money and agree to repay it with the cost of borrowing in equated monthly instalments. Terms Related to Personal Loans You Must Know Principal Loan Amount:  The total you are borrowing from your lender. It does not include the cost of borrowing you are repaying with the actual amount. Cost of Borrowing:  You pay a percentage of your principal amount while you repay your loan to the lender. It is called as cost of borrowing. Credit Score:  A three-di...

Ever felt overwhelmed by handling several EMIs every month? The constant juggle of making multiple payments and remembering the due dates to avoid late fee charges can be frustrating and keep you stuck in financial worries. But, debt consolidation is the thing that can help you manage your debts more smartly. Stick to the end of this blog to learn how you can simplify your debts with a debt consolidation strategy. What is Personal Loan Debt Consolidation? Debt consolidation is the action of combining multiple debts into a single and more manageable loan. It reduces your efforts and makes your repayments easier.  Why Use a Personal Loan for Debt Consolidation? A personal loan is an unsecured loan that can be used for a variety of purposes, including debt consolidation. This is why many people prefer personal loans to settle debt: Fixed interest rates: Personal loans often have fixed rates, unlike credit cards, which make your monthly payments predictable. Defined...

Secured loans have been very popular for decades because of the lower interest rates they offer to borrowers. Thereby making home loans and loan against property the best choices. Also, a longer tenure of repayment feature on both is the cherry on top. Both financial and mental relaxation are a privilege when you go for a secured loan. While both home loans and loans against property sound quite similar, there is a significant difference you must know before proceeding with it. This blog gives you a brief explanation of how a home loan and loan against property are different from each other. Distinguishing Between Home Loan and Loan Against Property Definition Home Loan:  A home loan is taken for buying a constructed and ready-to-move-in property or a property that is under construction. Loan Against Property: A Loan Against Property means a loan that is taken against the property you already own. Collateral Security Home Loan:  The property you are buying with the loa...

Are you looking for a loan that does not need your valuables to be pledged? That’s where unsecured personal loans or signature loans come in, where no collateral, no security, just your credit score and identity. Unsecured loans without collateral offer instant financial support with no collateral required. These loans are given based on the borrower’s creditworthiness instead of collateral. Here, you do not have to mortgage your property or pledge your valuables to access funds. These funds are for those individuals who need quick funds and prefer not to risk their valuables. Types of Unsecured Loans Without Collateral Here are the most common types of Unsecured Loans without collateral available in India: Personal Loans: Personal loans are the most popular unsecured loans and are easy to get in no time. They can be used for various personal purposes and have flexible end uses. Education Loans: Student loans are available to support a student's education without co...

The Reserve Bank of India has recently provided big relief to Home Buyers by making a significant move and cutting the repo rate in its latest policy review. The repo rate, which directly influences lending rates, has dropped to 5.5%, the lowest in 3 years, offering a great opportunity for home loan borrowers. This was announced by the Reserve Bank of India (RBI) on June 6, 2025. If you have a floating-rate home loan, you could benefit from lower monthly EMIs. The RBI announced a 50-basis-point (bps) reduction in the repo rate. This marks the third consecutive rate cut of the year. For the home loan customers, it means that banks adjust their interest rate downwards. Potentially, it will result in lower EMI. Here’s how a minor fall in the repo rate benefits you and your lending experience.  What is a Repo rate? Repo rate is the rate at which money is lent to commercial banks by the Reserve Bank of India. When the repo rate falls, banks usually extend this advantage to borrowers, ...

  Are you thinking about taking a personal loan in India? We all know the basic eligibility criteria you must fulfill for a quick personal loan. CIBIL score is the main factor when you are applying for personal loans. Personal loans are usually unsecured loans where you do not need to submit any collateral. Hence, the CIBIL score is the score that represents your financial attitude to your lender. This blog will make you understand exactly why a good credit score is key to getting a  personal loan quickly ! What is a CIBIL Score? CIBIL score is a three-digit number derived by TransUnion CIBIL Limited for each profile. CIBIL score is prepared based on the data enclosed in the Credit Information Report(CIR). In simple words, a credit score reflects personal financial behaviour a person is cultivating towards financial responsibilities such as timely repayments, credit mix and credit utilization. The score helps lenders analyze your creditworthiness. Credit score ranges are as gi...